Dear Midasians and Pioneers,
In the past 3 months, our R&D department has been exploring Tomochain on Testnet to find a solution for one of our ambitious projects that aims to challenge Ebay’s Model on Blockchain. As many of you know, the lengthy block confirmation time and the high gas price have made it a great challenge to auction, bid or make use of the smart contracts. NewCater, backed by Regulus Investment and Capital Holdings, will begin to use the tech developed by Midas to solve this problem. Our technologists and scientists shall assist the NewCater team to integrate our solutions into their Bidding/Auctioning Platform, using much of our proprietary technology such as Midas Wallet, MasPay and now - Midas Cash (MCASH). NewCater team has won many prizes for their solutions in several Hackathons, most recently the First Prize at Tomochain's Hackathon on the 22nd July 2018. (https://goo.gl/Hyk9yE)
On 24th December midnight (Singapore time), we will generate the exact amount of 10M of MCASH on the Tomochain Blockchain and take a snapshot of our MAS holders on the Ethereum Blockchain.
On 25th December - THE X-MAS DAY, all holders of MAS will find in their wallet the first part of 2% amount of MCASH equal to their MAS holdings as our X-MAS Gift (e.g. if you have 100K of MAS on the 24th, you will get 2K of MCASH on Tomochain on the 25th).
The above procedure will be repeated for 50 consecutive months (snapshot on the 24th and distribution of the 2% on the 25th of each month) until 100% of MCASH is fully distributed.
Hence, 25th January 2023 will be the last distribution batch date.
MCASH will be developed on Tomochain, using faster block confirmation time of 2 seconds, at near zero gas price to process micro payment, especially for bidding and auction on NewCater.
MCASH will be a TRC-20 token that will use our technology, being the embodiment of “inflationable and yet relatively stable” token using supply and demand laws. MCASH will only be listed onto the VINEX NETWORK in order to apply our formula for stability.
[Update] MCASH has been deployed successfully on Tomochain Mainnet: https://scan.tomochain.com/tokens/0x3d05de67538b3dafc757f970424eabce6b061bc2
Important Note For the MAS Token Holders:
- If you have any MAS tokens on one of the exchanges which support TomoChain’s TRC-20 (such as Vinex.Network), you do not need to do anything other than follow the exchange’s instructions.
- If you have any MAS tokens on one of the exchanges that do not support TomoChain’s TRC-20, you should withdraw your tokens to a compatible wallet of which you own its private key.
- If you do not hold your MAS on any exchanges whatsoever, you need to possess the private key of the wallet that holds your tokens. We will distribute MCASH to the same address on TomoChain’s Mainnet which you can then access using your own private key.
- If you currently have your MAS on a smart-contract address like a multi-signature address, we will provide the services for you to verify and switch to a new address which you will have a control of.
- The snapshot will be taken at the first block after 0:00 24th December 2018 (GMT+8) which block height number is divisible by 100.
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